[2018-03-13] Goldman Bitcoin 'Has Potential' To Drop Below February Low 5900$

[data_teks]

Goldman Sachs’ technical analysis team led by Sheba Jafari has recently made another Bitcoin (BTC) prediction, stating that the major cryptocurrency risks sinking below the February low, Business Insider reported on March 12.

On Sunday, the team sent a note to clients warning that the next BTC sell-off threatens dipping below the February low of $5,922. Jafari’s team suggested that the next sell-off would be caused by the break of short-term support at $9,210.

"The break is significant as implies [sic] potential for a more impulsive decline," Jafari stated. Her team warned investors to keep an eye on BTC price, predicting that, “The next meaningful level is down at $7,667 to $7,198.”

“Getting a close break this time around would warn of structural damage, increasing the risk of new local lows (<5,922). At this point, need to get back through 9,322 (the Feb. 26th low) for this to stabilize,” Jafari’s team wrote. 

Jafari, the head of technical strategy at Goldman Sachs, is known for criticizing Bitcoin. In July 2017, Jafari suggested that Bitcoin would hit the $4,000 mark by the end of the year. Later in November 2017, when BTC reached $7,000, Jafari made another prediction stating that Bitcoin would consolidate at $8,000 before going higher.

Bitcoin’s price rallied to $20,000 in Dec. 2017 from a modest $1,000 at the beginning of the year, before sinking down to $6,048 on Feb. 6 2018. Some experts believe that the cryptocurrency downturn is mostly likely due to a $400 mln sell-off by the attorney and bankruptcy trustee of Mt. Gox, formerly the largest global Bitcoin exchange.

https://cointelegraph.com/news/goldman-sachs-bitcoin-has-potential-to-drop-below-february-low-of-5922

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[davis196]

The Goldman sachs scheme is quite simple.
1.They spread FUD and negative predictions about the future of bitcoin and the btc price.
2.All the newbies ,who believe that Goldman Sachs has any "authority", begin to sell their bitcoins,hence the price  goes down.
3.Goldman Sachs buys cheap bitcoins using shady companies.
This plan works every time,which means easy profits for Goldman Sachs.

[kotbingo]

Za każdym razem, schemat jest podobny.
A  chodzi o to samo.Jak najwięcej skupić BTC.
Liczą ,że znajdzie się ktoś , kto uwierzy w te brednie.

[richardsNY]

It's not all that bad honestly. I won't directly discard this analysis because it actually delivers good points that I may agree with to a certain extent. The previous predictions and analysis of the same team has correctly predicted an increase and decrease, far before happening, which is somewhat impressive. It's clear that the incentive to support the market above the $10,000 level just isn't there, but that doesn't automatically means we'll be up for a strong decline. My prediction is still that we'll see +$10,000 before the end of this week, because that would nicely fit in the cycle we're currently stuck in. If we don't manage to bounce back to +$10,000 levels, then the support has reached a newer low, and that might indicate a further decline.

[BitHodler]

Bitcoin has also potential to increase beyond its last year's all time high, this year. I just don't feel their analysis at all. I can understand the market to go down a bit more from where we are, but not much further down.

If they spent a bit more time looking at one critical factor, then it would be clear that Bitcoin in the last years never dropped below its previous bottom, and that alone is already enough for me to hold on to.

Goldman Sachs may have been right in some of their predictions last year, but aside from the market that may drop from current levels, their current prediction is nothing more than a wild guess. Everyone can come up with that.

[churrosndips]

Goldman can run all of the analysis that they want, however, I don't believe that any of the currently existing Bitcoin investment models are able to work out where the dips and rises in Bitcoin prices would be. But I do want to give them the benefit of the doubt regarding this matter as Goldman has the resources to gather talent and make these kinds of analysis. With that said, one has a lot to gain by keeping a close eye on the market and buying when Bitcoin's price would dip to around 7k or 6k because bitcoin is definitely still on the up.

[Lucius]

Who is actually Sheba Jafari,person who predict that 1 BTC will be worth 4000$ at the end of 2017?We all know how she was right in her prediction,price is go up to 20 000$.When someone makes such a bad analysis and with the fact that she and her team from GS have a very negative opinion regarding BTC and cryptocurrency I do not consider them as a relevant source of information.

You can check GS and people who work for them,for example Allison Nathan (Senior Strategist, Global Investment Research,),she think BTC is just a bubble,or any other brilliant mind there.I bet Sheba&Allison sometimes drinks coffee and working on strategy how to spread more FUD.

[Betwrong]

Who is actually Sheba Jafari,person who predict that 1 BTC will be worth 4000$ at the end of 2017?We all know how she was right in her prediction,price is go up to 20 000$.When someone makes such a bad analysis and with the fact that she and her team from GS have a very negative opinion regarding BTC and cryptocurrency I do not consider them as a relevant source of information.

You can check GS and people who work for them,for example Allison Nathan (Senior Strategist, Global Investment Research,),she think BTC is just a bubble,or any other brilliant mind there.I bet Sheba&Allison sometimes drinks coffee and working on strategy how to spread more FUD.

I agree and I wouldn't be surprised if it turned out that they were actually buying BTC themselves while spreading the FUD to make the price go as low as possible. People should stop hearing to FUD and start researching for their own good.

For example after reading some negative news people start to believe that the governments of major countries are preparing the laws against exchanges, mining business, Bitcoin overall etc. In reality no big country is going to ban cryptos. If one or another official is saying something about their intention to ban cryptocurrencies it doesn't mean the government will do it.

[iram1011]

The analysis isn't at all vague. The charts are indeed showing the same story. Bottoms are being hit one after the other. The volumes are fake and the price pump is manipulated. Also, the nearing G20 summit is adding to the FUD.

But the question is, is bitcoin following Technical Analysis since the year start?

And the answer remains NO for most of the time period. Right now, anyone can tell that the market sentiments are negative and Bitcoin will most probably touch bottoms in next 1-2 months. No new money is coming in and thus, volume are squeezing. Long term hodlers will be at ease at this point of time.

I won't say the analysis by Goldman Sachs is wrong, but is quite obvious. Moreover, this news will go unnoticed as everyone is looking for g20 verdict!

[EmpireMaker]

Is anyone in here able to explain me how she draws the 200 DMA on the chart? When I draw mine, price is already below the 200 DMA. Help is really appreciated. Thanks!

Btw, here is the link to her chart:

http://www.businessinsider.de/bitcoin-price-risks-rising-goldman-sachs-2018-3

[Dentidan]

The Goldman sachs scheme is quite simple.
1.They spread FUD and negative predictions about the future of bitcoin and the btc price.
2.All the newbies ,who believe that Goldman Sachs has any "authority", begin to sell their bitcoins,hence the price  goes down.
3.Goldman Sachs buys cheap bitcoins using shady companies.
This plan works every time,which means easy profits for Goldman Sachs.

They will not get a single satoshi from me. I will hold for the long term.

[Coffee135]

Any fall in prices is due to the difference in supply and demand. I find it funny to see when people are trying to link scientific theory to price the wild market. They do not know the true reason for the formation of prices. The whales will pause tomorrow and leave the market. In a month, the price will be $ 20,000. Who can predict such actions? If each of us freezes its assets for a month, we will see very different prices.

[Schirer]

The Goldman sachs scheme is quite simple.
1.They spread FUD and negative predictions about the future of bitcoin and the btc price.
2.All the newbies ,who believe that Goldman Sachs has any "authority", begin to sell their bitcoins,hence the price  goes down.
3.Goldman Sachs buys cheap bitcoins using shady companies.
This plan works every time,which means easy profits for Goldman Sachs.

Recently have been thinking that this could be true, in general whales spread fake news nad profit form it.
Dont forget that they dont have to wait to buy cheap btc, they just can short it.

[European Central Bank]

i distinctly remember goldman sachs's predictions petering out long before the ultra bull run so i'm not very inclined to listen to them any more. however this prediction seems realistic. the enthusiasm is draining away. we might be in for a boring year.